The post Crypto Price Analysis 10-22 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, UNISWAP: UNI, DOGWIFHAT: WIF, ARTIFICIAL SUPERINTELLIGENCE ALLIANCE: FET appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) and other cryptocurrencies suffered a setback, registering a substantial drop late on October 21 and early on October 22. BTC dropped over 2% over the past 24 hours, while Ethereum (ETH) dropped further and is currently down by 3.54% over the past 24 hours, losing the $2,700 price level.  Other major cryptocurrencies, including Solana (SOL), Dogecoin (DOGE), Toncoin (TON), and Polkadot (DOT), also registered noticeable drops. As a result of these declines, the global crypto market cap fell by almost 2% to $2.34 trillion. However, the total market volume registered a jump of 29% to $85.17 billion.  ChangeNOW CMO Pauline Shangett stated about the performance of BTC and ETH, “The latest drop in Bitcoin and Ethereum underscores the volatility that continues to characterize the crypto market. While BTC’s 2% drop is significant, Ethereum’s sharper 3.54% decline below $2,700 raises further concerns about market stability.” CME Bitcoin Futures Open Interest Sets New ATH  Open interest on Bitcoin futures surged to a new all-time high of $12.26 billion, up over 36% over the past two weeks, and almost 3.5% higher than its previous all-time high. The surge in open interest is a significant increase from its previous all-time high registered in summer and is the highest recorded level since April 1, when the CME OI stood at $11.84 billion. The surge in open interest in CME futures indicates that institutional interest is surging, and institutions are taking stronger positions, anticipating continued volatility or a jump in the price of BTC.  Open interest refers to the number of outstanding futures contracts that have yet to be settled. A record-high OI indicates greater participation and active trading or holding of positions in Bitcoin futures. The Bitcoin (BTC) hashrate measure has also continued to grow over the past few months. This metric is…

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Filed under: News - @ October 22, 2024 12:27 pm